Compass Diversified Holdings 10-Q for FY2025 Q1

Compass Diversified Holdings (CODI)

10-Q 2025-12-18 For: 2025-03-31

Added on April 10, 2026

About this 10-Q

Compass Diversified Holdings filed this 10-Q on December 18, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $453.78M; up 10.5% from $410.83M a year earlier
Net loss: $29.99M; compared with a net loss of $56.18M a year earlier
Diluted EPS: -$0.59; compared with -$1.52 a year earlier

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	March 31, 2025		December 31, 2024
(in thousands)	(Unaudited)		(As Restated)
Assets
Current assets:
Cash and cash equivalents	$	146,235	$	59,659
Accounts receivable, net	196,422		207,172
Inventories, net	598,847		571,248
Prepaid expenses and other current assets	123,705		126,692
Total current assets	1,065,209		964,771
Property, plant and equipment, net	245,612		244,746
Goodwill	895,420		895,916
Intangible assets, net	960,760		983,396
Other non-current assets	199,947		208,593
Total assets	$	3,366,948	$	3,297,422
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	100,138	$	103,239
Accrued expenses	326,322		318,476
Due to related parties (refer to Note O)	17,738		18,036
Current portion, long-term debt	1,860,064		1,774,290
Subsidiary financing arrangements (refer to Note H)	181,682		169,765
Other current liabilities	51,440		49,617
Total current liabilities	2,537,384		2,433,423
Deferred income taxes	101,521		108,091
Long-term debt (refer to Note H)	—		—
Other non-current liabilities	214,398		225,334
Total liabilities	2,853,303		2,766,848

Commitments and contingencies (refer to Note N)

Stockholders’ equity
Trust preferred shares, 50,000 authorized; 20,069 shares issued and outstanding at March 31, 2025 and 17,497 shares issued and outstanding at December 31, 2024
Series A preferred shares, no par value; 4,673 shares issued and outstanding at March 31, 2025 and 4,551 shares issued and outstanding at December 31, 2024	111,907		109,159
Series B preferred shares, no par value; 7,494 shares issued and outstanding at March 31, 2025 and and 6,192 shares issued and outstanding at December 31, 2024	177,112		147,906
Series C preferred shares, no par value; 7,902 shares issued and outstanding at March 31, 2025 and 6,754 shares issued and outstanding at December 31, 2024	187,950		161,767
Trust common shares, no par value, 500,000 authorized; 76,135 shares issued and 75,236 shares outstanding at March 31, 2025 and 76,135 issued and 75,236 outstanding at December 31, 2024	1,288,975		1,289,010
Treasury shares, at cost	(18,910)		(18,910)
Accumulated other comprehensive loss	(4,087)		(5,337)
Accumulated deficit	(1,062,211)		(1,004,975)
Total stockholders’ equity attributable to Holdings	680,736		678,620
Noncontrolling interest	(167,091)		(148,046)
Total stockholders’ equity	513,645		530,574
Total liabilities and stockholders’ equity	$	3,366,948	$	3,297,422


	Three months ended March 31,
(in thousands, except per share data)		2025		2024
				(As Restated)
Net revenues		$	453,775	$	410,826
Cost of revenues		257,743		235,874
Gross profit		196,032		174,952
Operating expenses:
Selling, general and administrative expense		150,377		137,724
Management fees		18,863		17,942
Amortization expense		23,351		23,211
Impairment expense		—		8,182
Operating income (loss)		3,441		(12,107)
Other income (expense):
Interest expense, net		(35,851)		(25,267)
Amortization of debt issuance costs		(1,125)		(1,005)

Other income (expense), net		(13,681)		(47,442)
Loss from continuing operations before income taxes		(47,216)		(85,821)
Provision for income taxes		2,538		3,110
Loss from continuing operations		(49,754)		(88,931)
Income from discontinued operations, net of income taxes		—		317
Gain on sale of discontinued operations, net of income taxes		44		3,345
Net loss		(49,710)		(85,269)
Less: Net loss from continuing operations attributable to noncontrolling interest		(19,717)		(28,756)
Less: Net loss from discontinued operations attributable to noncontrolling interest		—		(336)
Net loss attributable to Holdings		$	(29,993)	$	(56,177)

Amounts attributable to Holdings
Loss from continuing operations		$	(30,037)	$	(60,175)
Income from discontinued operations, net of income tax		—		653
Gain on sale of discontinued operations, net of income tax		44		3,345
Net loss attributable to Holdings		$	(29,993)	$	(56,177)

Basic income (loss) per common share attributable to Holdings (refer to Note I)
Continuing operations		$	(0.59)	$	(1.57)
Discontinued operations		—		0.05
Basic income (loss) per common share attributable to Holdings (refer to Note I)		$	(0.59)	$	(1.52)

Basic weighted average number of shares of common shares outstanding		75,236		75,274

Cash distributions declared per Trust common share (refer to Note I)		$	0.25	$	0.25


	Three months ended March 31,
(in thousands)		2025		2024
				(As restated)
Net loss		$	(49,710)	$	(85,269)
Other comprehensive income (loss)
Foreign currency translation adjustments		(244)		(1,173)
Pension benefit liability, net		1,494		(833)
Other comprehensive income (loss)		1,250		(2,006)
Total comprehensive loss, net of tax		(48,460)		(87,275)
Less: Net loss attributable to noncontrolling interests		(19,717)		(29,092)
Less: Other comprehensive loss attributable to noncontrolling interests		(346)		(30)
Total comprehensive loss attributable to Holdings, net of tax		$	(28,397)	$	(58,153)


(in thousands)	Trust Preferred Shares						Trust Common Shares				Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Stockholders' Equity Attributable to Holdings		Non- Controlling Interest		Non- Controlling Interest Attributable to Disc. Ops.		Total Stockholders’ Equity
	Series A		Series B		Series C				Treasury Shares
Balance — January 1, 2024, as restated	$	96,417	$	96,504	$	110,997	$	1,281,303	$	(9,339)	$	(646,225)	$	3	$	929,660	$	(89,991)	$	16,756	$	856,425
Net loss	—		—		—		—		—		(56,177)		—		(56,177)		(28,756)		(336)		(85,269)
Total other comprehensive loss, net	—		—		—		—		—		—		(2,006)		(2,006)		—		—		(2,006)
Issuance of Trust common shares	—		—		—		1,218		—		—		—		1,218		—		—		1,218
Issuance of Trust preferred shares	183		89		555		—		—		—		—		827						827

Option activity attributable to noncontrolling shareholders	—		—		—		—		—		—		—		—		4,071		259		4,330

Purchase of noncontrolling interest	—		—		—		—		—		—		—		—		(2,510)		—		(2,510)
Reclassification of noncontrolling shareholder interest to liability	—		—		—		—		—		—		—		—		(614)		—		(614)
Acquisition of THP	—		—		—		—		—		—		—		—		41,674		—		41,674
Distributions paid - Allocation Interests (refer to Note I)	—		—		—		—		—		(48,941)		—		(48,941)		—		—		(48,941)
Distributions paid - Trust Common Shares	—		—		—		—		—		(18,818)		—		(18,818)		—		—		(18,818)
Distributions paid - Trust Preferred Shares	—		—		—		—		—		(6,045)		—		(6,045)		—		—		(6,045)
Balance — March 31, 2024, as restated	$	96,600	$	96,593	$	111,552	$	1,282,521	$	(9,339)	$	(776,206)	$	(2,003)	$	799,718	$	(76,126)	$	16,679	$	740,271

Balance — January 1, 2025, as restated	$	109,159	$	147,906	$	161,767	$	1,289,010	$	(18,910)	$	(1,004,975)	$	(5,337)	$	678,620	$	(148,046)	$	—	$	530,574
Net loss	—		—		—		—		—		(29,993)		—		(29,993)		(19,717)		—		(49,710)
Total other comprehensive income, net	—		—		—		—		—		—		1,250		1,250		—		—		1,250
Issuance of Trust common shares	—		—		—		(35)		—		—		—		(35)		—		—		(35)
Issuance of Trust preferred shares	2,748		29,206		26,183		—		—		—		—		58,137		—		—		58,137

Option activity attributable to noncontrolling shareholders	—		—		—		—		—		—		—		—		4,012		—		4,012
Effect of subsidiary stock option exercise	—		—		—		—		—		—		—		—		1,362		—		1,362
Purchase of noncontrolling interest	—		—		—		—		—		—		—		—		(4,665)		—		(4,665)
Reclassification of noncontrolling shareholder interest to liability	—		—		—		—		—		—		—		—		(37)		—		(37)


Distributions paid - Trust Common Shares	—		—		—		—		—		(18,809)		—		(18,809)		—		—		(18,809)
Distributions paid - Trust Preferred Shares	—		—		—		—		—		(8,434)		—		(8,434)		—		—		(8,434)
Balance — March 31, 2025	$	111,907	$	177,112	$	187,950	$	1,288,975	$	(18,910)	$	(1,062,211)	$	(4,087)	$	680,736	$	(167,091)	$	—	$	513,645


COMPASS DIVERSIFIED HOLDINGS
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Three months ended March 31,
(in thousands)	2025		2024
			(As Restated)
Cash flows from operating activities:
Net loss	$	(49,710)	$	(85,269)
Income from discontinued operations	—		317
Gain on sale of discontinued operations	44		3,345
Loss from continuing operations	(49,754)		(88,931)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	12,301		10,731
Amortization expense - intangibles	23,351		23,211
Amortization expense - inventory step-up	—		2,668
Amortization of debt issuance costs	1,125		1,005
Impairment expense	—		8,182

Noncontrolling stockholder stock based compensation	4,012		4,071
Provision for receivable and inventory reserves	(26)		(779)
Deferred income taxes	(6,874)		(5,571)
Other	(912)		476
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	7,940		9,020
Inventories	(27,839)		6,093
Other current and non-current assets	5,768		2,547
Accounts payable and accrued expenses	1,560		(453)
Cash used in operating activities - continuing operations	(29,348)		(27,730)
Cash provided by operating activities - discontinued operations	—		2,362
Cash used in operating activities	(29,348)		(25,368)
Cash flows from investing activities:
Acquisitions, net of cash acquired	495		(379,524)
Purchases of property and equipment	(13,100)		(7,725)
Proceeds from sale of businesses	44		3,345
Other investing activities	(361)		1,505
Cash used in investing activities - continuing operations	(12,922)		(382,399)
Cash used in investing activities - discontinued operations	—		(79)
Cash used in investing activities	(12,922)		(382,478)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


(in thousands)	Preliminary Purchase Price Allocation		Measurement Period Adjustments		Final Purchase Price Allocation
Purchase Consideration	$	380,121	$	(2,796)	$	377,325

Fair value of identifiable assets acquired:
Cash	$	4,076	$	(3,320)	$	756
Accounts receivable (1)	16,361		—		16,361
Inventory	18,986		—		18,986
Property, plant and equipment	1,888		—		1,888
Intangible assets	247,000		24,300		271,300
Other current and noncurrent assets	3,958		—		3,958
Total identifiable assets	292,269		20,980		313,249

Fair value of liabilities assumed:
Current liabilities	10,957		—		10,957
Other liabilities	1,480		—		1,480
Deferred tax liabilities	27,846		2,680		30,526
Total liabilities	40,283		2,680		42,963

Net identifiable assets acquired	251,986		18,300		270,286

Goodwill	$	128,135	$	(21,096)	$	107,039


Acquisition consideration
Purchase price	$	380,000	$	—	$	380,000
Estimated cash acquired	4,375		(3,320)		1,055
Net working capital adjustment	(3,126)		524		(2,602)
Other adjustments	(1,128)		—		(1,128)
Total purchase consideration	$	380,121	$	(2,796)	$	377,325


Intangible Assets	Fair Value		Estimated Useful Lives

Tradename	$	225,000	18 years
Customer relationships	46,300		13 years
	$	271,300


	Three months ended
(in thousands, except per share data)	March 31, 2024
	(As Restated)
Net sales	$	421,497
Gross profit	$	181,286
Operating loss	$	(11,798)
Net loss from continuing operations	$	(89,103)
Net loss from continuing operations attributable to Holdings	$	(60,568)
Basic and fully diluted net loss per share attributable to Holdings	$	(1.57)


	Three months ended March 31, 2024
Net sales	$	21,218
Gross profit	13,958
Operating loss	(998)
Loss from operations before income taxes (1)	(993)
Provision (benefit) for income taxes	(1,310)
Income from discontinued operations (1)	$	317


Three months ended March 31, 2025
	United States		Mexico		Europe		Asia Pacific		Other International		Total
5.11	$	104,841	$	4,964	$	7,910	$	3,918	$	7,737	$	129,370
BOA (1)	14,326		—		23,809		10,681		61		48,877
Lugano	22,367		—		1,163		95		3,220		26,845
PrimaLoft (1)	331		—		770		22,218		326		23,645
The Honey Pot Co.	36,177		—		—		—		14		36,191
Velocity Outdoor	12,894		—		39		—		268		13,201
Altor	70,568		5,689		—		—		—		76,257
Arnold	21,993		71		9,459		1,630		855		34,008
Sterno	62,862		—		803		—		1,716		65,381
Total	$	346,359	$	10,724	$	43,953	$	38,542	$	14,197	$	453,775


	March 31, 2025		December 31, 2024
Machinery and equipment	$	273,105	$	269,367
Furniture, fixtures and other	74,899		72,721
Leasehold improvements	123,896		120,046
Buildings and land	11,547		11,375
Construction in process	27,885		24,807
	511,332		498,316
Less: accumulated depreciation	(265,720)		(253,570)
Total	$	245,612	$	244,746


	Balance at January 1, 2025		Acquisitions/Measurement Period Adjustments		Balance at March 31, 2025
	(As Restated)
5.11	$	92,966	$	—	$	92,966
BOA	254,153		—		254,153
Lugano (as restated)	—		—		—
PrimaLoft	232,536		—		232,536
The Honey Pot Co.	107,039		—		107,039
Velocity Outdoor	—		—		—
Altor	114,619		(496)		114,123
Arnold	39,267		—		39,267
Sterno	55,336		—		55,336
Total (as restated)	$	895,916	$	(496)	$	895,420


	March 31, 2025		December 31, 2024
			(As Restated)
Raw materials	$	81,704	$	80,145
Work-in-process	22,268		19,672
Finished goods	539,330		515,242
Less: obsolescence reserve	(44,455)		(43,811)
Total	$	598,847	$	571,248


	March 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
							(As Restated)		(As Restated)		(As Restated)
Customer relationships	$	772,033	$	(324,351)	$	447,682	$	772,361	$	(311,357)	$	461,004
Technology and patents	199,329		(81,840)		117,489		198,865		(78,175)		120,690
Trade names, subject to amortization	454,244		(90,210)		364,034		453,792		(83,706)		370,086
Non-compete agreements	1,588		(1,343)		245		1,588		(1,282)		306
Other contractual intangible assets	210		(210)		—		210		(210)		—
Total	1,427,404		(497,954)		929,450		1,426,816		(474,730)		952,086
Trade names, not subject to amortization	30,810		—		30,810		30,810		—		30,810
In-process research and development (1)	500		—		500		500		—		500
Total intangibles, net	$	1,458,714	$	(497,954)	$	960,760	$	1,458,126	$	(474,730)	$	983,396


2025		2026		2027		2028		2029

$	69,640	$	90,662	$	81,872	$	79,770	$	79,649


Warranty liability	Three months ended March 31, 2025		Year ended December 31, 2024

Beginning balance	$	1,121	$	1,258
Provision for warranties issued during the period	493		2,332
Fulfillment of warranty obligations	(416)		(2,469)

Ending balance	$	1,198	$	1,121


	March 31, 2025				December 31, 2024
	Effective Interest Rate		Amount		Effective Interest Rate		Amount
2029 Senior Notes	5.25	%	$	1,000,000	5.25	%	$	1,000,000
2032 Senior Notes	5.00	%	300,000		5.00	%	300,000
2022 Term Loan	6.73	%	571,250		7.60	%	375,000
2022 Revolving Credit Facility			—		7.62	%	110,000
Less: Unamortized debt issuance costs			(11,186)				(10,710)
Total debt			$	1,860,064			$	1,774,290
Less: Current Portion, term loan facilities			(1,860,064)				(1,774,290)
Long-term debt			$	—			$	—


Remainder of 2025 (1)	$	200,432
2026	37,500
2027	515,000
2028	—
2029	1,000,000
2030 and thereafter	300,000
	$	2,052,932


				Fair Value Hierarchy Level	March 31, 2025
	Maturity Date	Rate			Carrying Value		Fair Value
2032 Senior Notes	January 15, 2032	5.000	%	2	$	300,000	$	268,500
2029 Senior Notes	April 15, 2029	5.250	%	2	$	1,000,000	$	940,000


	March 31, 2025		December 31, 2024
Deferred debt issuance costs	$	33,725	$	32,526
Accumulated amortization	(18,922)		(17,797)
Deferred debt issuance costs, net	$	14,803	$	14,729

Balance sheet classification:
Other noncurrent assets	$	3,617	$	4,019
Current portion, long-term debt	11,186		10,710
	$	14,803	$	14,729


	Three Months Ended March 31, 2025					Three Months Ended March 31, 2024
	Number of Shares Sold	Net Proceeds		Commissions Paid		Number of Shares Sold	Net Proceeds		Commissions Paid
Series A Preferred Shares	122,330	$	2,751	$	56	7,557	$	186	$	4
Series B Preferred Shares	1,301,683	29,210		597		3,660	92		2
Series C Preferred Shares	1,148,158	26,187		535		22,631	558		11
Total	2,572,171	$	58,148	$	1,188	33,848	$	836	$	17


Period	Cash Distribution per Share		Total Cash Distributions		Record Date	Payment Date

Trust Common Shares:
January 1, 2025 - March 31, 2025 (1)	$	0.25	$	18,809	April 17, 2025	April 24, 2025
October 1, 2024 - December 31, 2024	$	0.25	$	18,809	January 16, 2025	January 23, 2025
July 1, 2024 - September 30, 2024	$	0.25	$	18,913	October 17, 2024	October 24, 2024
April 1, 2024 - June 30, 2024	$	0.25	$	18,913	July 18, 2024	July 25, 2024
January 1, 2024 - March 31, 2024	$	0.25	$	18,846	April 18, 2024	April 25, 2024

Series A Preferred Shares:
January 30, 2025 - April 29, 2025 (1)	$	0.453125	$	2,120	April 15, 2025	April 30, 2025
October 30, 2024 - January 29, 2025	$	0.453125	$	2,062	January 15, 2025	January 30, 2025
July 30, 2024 - October 29, 2024	$	0.453125	$	1,930	October 15, 2024	October 30, 2024
April 30, 2024 - July 29, 2024	$	0.453125	$	1,852	July 15, 2024	July 30, 2024
January 30, 2024 - April 29, 2024	$	0.453125	$	1,822	April 15, 2024	April 30, 2024
October 30, 2023 - January 29, 2024	$	0.453125	$	1,813	January 15, 2024	January 30, 2024

Series B Preferred Shares:
January 30, 2025 - April 29, 2025 (1)	$	0.4921875	$	3,703	April 15, 2025	April 30, 2025
October 30, 2024 - January 29, 2025	$	0.4921875	$	3,048	January 15, 2025	January 30, 2025
July 30, 2024 - October 29, 2024 (1)	$	0.4921875	$	2,347	October 15, 2024	October 30, 2024
April 30, 2024 - July 29, 2024	$	0.4921875	$	2,064	July 15, 2024	July 30, 2024
January 30, 2024 - April 29, 2024	$	0.4921875	$	1,983	April 15, 2024	April 30, 2024
October 30, 2023 - January 29, 2024	$	0.4921875	$	1,969	January 15, 2024	January 30, 2024

Series C Preferred Shares:
January 30, 2025 - April 29, 2025 (1)	$	0.4921875	$	3,892	April 15, 2025	April 30, 2025
October 30, 2024 - January 29, 2025	$	0.4921875	$	3,324	January 15, 2025	January 30, 2025
July 30, 2024 - October 29, 2024	$	0.4921875	$	2,690	October 15, 2024	October 30, 2024
April 30, 2024 - July 29, 2024	$	0.4921875	$	2,430	July 15, 2024	July 30, 2024
January 30, 2024 - April 29, 2024	$	0.4921875	$	2,295	April 15, 2024	April 30, 2024
October 30, 2023 - January 29, 2024	$	0.4921875	$	2,264	January 15, 2024	January 30, 2024


	% Ownership (1) March 31, 2025		% Ownership (1) December 31, 2024
	Primary	Fully Diluted	Primary	Fully Diluted
5.11	98.0	87.2	97.6	86.9
BOA	91.6	82.8	91.7	83.0
Lugano	59.9	55.0	59.9	55.0
PrimaLoft	90.7	84.7	90.7	84.7
The Honey Pot Co.	85.0	77.1	84.8	77.2
Velocity Outdoor	99.4	93.2	99.4	93.3
Altor	99.3	90.5	99.3	90.2
Arnold	98.0	85.8	98.0	85.8
Sterno	98.5	91.7	98.5	91.6


	Noncontrolling Interest Balances
(in thousands)	March 31, 2025		December 31, 2024
			(As Restated)
5.11	$	12,581	$	15,104
BOA	17,368		15,103
Lugano (as restated)	(288,391)		(268,595)
PrimaLoft	32,641		32,133
The Honey Pot Co.	41,749		41,869
Velocity Outdoor	6,903		6,824
Altor	6,526		6,283
Arnold	1,640		1,667
Sterno	1,792		1,466
Allocation Interests	100		100
Total (as restated)	$	(167,091)	$	(148,046)


							Expense
	Fair Value Measurements at December 31, 2024						Year ended
(in thousands)	Carrying Value		Level 1	Level 2	Level 3		December 31, 2024
Goodwill - Velocity	$	—	—	—	$	—	$	8,182


	Operating		Finance		Total
2025 (excluding the three months ended March 31, 2025)	$	39,637	$	539	$	40,176
2026	54,207		719		54,926
2027	46,145		7,040		53,185
2028	35,775		—		35,775
2029	26,366		—		26,366
Thereafter	72,773		—		72,773
Total undiscounted lease payments	$	274,903	$	8,298	$	283,201
Less: Interest	66,422		1,401		67,823
Present value of lease liabilities	$	208,481	$	6,897	$	215,378


Lease Term and Discount Rate	March 31, 2025		March 31, 2024
Weighted-average remaining lease term (years)
Operating Leases	5.94		6.54
Finance Leases	2.08		N/a
Weighted-average discount rate
Operating Leases	8.93	%	8.62	%
Finance Leases	9.90	%	N/a


	Line Item in the Company’s Consolidated Balance Sheet	March 31, 2025		December 31, 2024

Assets:
Operating lease right-of-use assets	Other non-current assets	$	183,447	$	191,639
Finance lease right-of-use assets	Other non-current assets	6,882		$	6,882
		$	190,329	$	198,521
Liabilities
Operating lease liabilities - current	Other current liabilities	$	39,033	$	38,180
Operating lease liabilities - non-current	Other non-current liabilities	169,449		178,577
Finance lease liabilities - current	Other current liabilities	43		42
Finance lease liabilities - non-current	Other non-current liabilities	6,853		6,866
		$	215,378	$	223,665


	Three months ended March 31, 2025		Three months ended March 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,514	$	10,618
Operating cash flows from finance leases	167		—
Financing cash flows from finance leases	13		—
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,310	$	3,131
Finance leases	—		—


Quarter Ended	Management Fee - Incurred (1)		Management Fee - Adjusted for Restatement		Overpayment of Management Fee

December 31, 2021 (2)	$	12,939	$	11,668	$	1,271
March 31, 2022	14,436		13,128		1,308
June 30, 2022	14,900		13,117		1,783
September 30, 2022	16,592		14,785		1,807
December 31, 2022	17,300		14,784		2,516
March 31, 2023	16,458		14,202		2,256
June 30, 2023	16,920		14,363		2,557
September 30, 2023	18,596		15,392		3,204
December 31, 2023	16,909		13,080		3,829
March 31, 2024	18,067		14,867		3,200
June 30, 2024	18,864		14,283		4,581
September 30, 2024	18,758		14,351		4,407
December 31, 2024	19,453		13,951		5,502
March 31, 2025	18,863		14,014		4,849
	$	239,055	$	195,985	$	43,070


Depreciation and Amortization Expense	Three months ended March 31,
(in thousands)		2025		2024
				(As restated)
5.11		$	5,698	$	5,799
BOA		5,050		5,237
Lugano (as restated)		1,127		879
PrimaLoft		5,237		5,248
The Honey Pot Co.		4,096		5,087
Velocity Outdoor		1,364		3,271
Altor Solutions		7,061		4,023
Arnold		2,557		2,145
Sterno		3,462		4,921
Total (as restated)		35,652		36,610
Reconciliation of segment to consolidated total:
Amortization of debt issuance costs		1,125		1,005
Consolidated total (as restated)		$	36,777	$	37,615


	Accounts Receivable				Identifiable Assets
	March 31,		December 31,		March 31,		December 31,
(in thousands)	2025		2024		2025 (1)		2024 (1)
			(As Restated)				(As Restated)
5.11	$	55,878	$	59,461	$	426,384	$	413,831
BOA	4,067		2,357		217,974		219,283
Lugano (as restated)	2,593		647		323,622		315,992
PrimaLoft	2,174		1,871		264,194		268,527
The Honey Pot Co.	19,097		18,579		276,538		284,208
Velocity Outdoor	10,892		7,815		89,212		90,736
Altor Solutions	45,973		45,734		300,586		309,174
Arnold	22,525		24,912		129,444		126,035
Sterno	38,178		52,284		143,392		145,647
Sales allowance accounts	(4,955)		(6,488)		—		—
Total (as restated)	196,422		207,172		2,171,346		2,173,433
Reconciliation of segment to consolidated totals:
Corporate and other identifiable assets	—		—		103,760		20,901

Total (as restated)	$	196,422	$	207,172	$	2,275,106	$	2,194,334


		Ownership Interest - March 31, 2025
Business	Acquisition Date	Primary	Diluted
Arnold	March 5, 2012	98.0%	85.8%
Sterno	October 10, 2014	98.5%	91.7%
5.11	August 31, 2016	98.0%	87.2%
Velocity Outdoor	June 2, 2017	99.4%	93.2%
Altor Solutions	February 15, 2018	99.3%	90.5%
BOA	October 16, 2020	91.6%	82.8%
Lugano	September 3, 2021	59.9%	55.0%
PrimaLoft	July 12, 2022	90.7%	84.7%
The Honey Pot Co.	January 31, 2024	85.0%	77.1%



Gross Margin
Branded Consumer	54.9	%	51.4	%	3.5%
Industrial	24.7	%	28.6	%	(4.0)%
Consolidated gross margin	43.2	%	42.6	%	0.6%


Subsidiary	Intercompany loan
5.11	$	144,738
BOA	156,561
Lugano	659,349
PrimaLoft	152,069
The Honey Pot Co.	94,000
Velocity Outdoor	53,600
Altor	191,491
Arnold	88,346
Sterno	70,213
Total intercompany debt	$	1,610,367
Corporate and eliminations	(1,610,367)
Total	$	—


Adjusted EBITDA
Three months ended March 31, 2025
	Corporate		5.11		BOA		Lugano		PrimaLoft		THP		Velocity Outdoor		Altor		Arnold		Sterno		Consolidated
Net income (loss) from continuing operations	$	(8,764)	$	3,906	8,243		$	(51,634)	$	(437)	$	1,754	$	(4,167)	$	(228)	$	(1,606)	$	3,179	$	(49,754)
Adjusted for:
Provision (benefit) for income taxes	—		1,144		1,166		(256)		394		419		44		13		(1,383)		997		2,538
Interest expense, net	26,843		1		(1)		8,875		(7)		(2)		(1)		—		143		—		35,851
Intercompany interest	(39,893)		3,344		3,984		15,375		4,129		2,602		1,421		4,854		1,915		2,269		—

Depreciation and amortization	74		5,772		5,248		1,593		5,315		4,160		1,369		7,192		2,578		3,476		36,777
EBITDA	(21,740)		14,167		18,640		(26,047)		9,394		8,933		(1,334)		11,831		1,647		9,921		25,412
Other (income) expense	14		105		63		13,515		1		(3)		(127)		215		(2)		(100)		13,681
Noncontrolling shareholder compensation	—		545		1,346		916		549		25		105		245		4		277		4,012


Integration services fee	—		—		—		—		—		875		—		—		—		—		875
Other (1)	—		—		—		—		—		—		—		562		915		69		1,546
Adjusted EBITDA	$	(21,726)	$	14,817	$	20,049	$	(11,616)	$	9,944	$	9,830	$	(1,356)	$	12,853	$	2,564	$	10,167	$	45,526